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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):

			Principal Balance												As of March 31, 2023
			March 31, 2023						December 31, 2022						Stated Rate						Effective Rate(1)						Maturity Date(2)
Mortgage debt collateralized by:
Fixed rate mortgage debt
Metro Center			$	81,973					$	82,596					3.59		%				3.67		%				11/5/2024
10 Union Square			50,000						50,000						3.70		%				3.97		%				4/1/2026
1542 Third Avenue			30,000						30,000						4.29		%				4.53		%				5/1/2027
First Stamford Place(3)			178,068						178,823						4.28		%				4.73		%				7/1/2027
1010 Third Avenue and 77 West 55th Street			35,616						35,831						4.01		%				4.21		%				1/5/2028
250 West 57th Street			180,000						180,000						2.83		%				3.21		%				12/1/2030
1333 Broadway			160,000						160,000						4.21		%				4.29		%				2/5/2033
345 East 94th Street - Series A			43,600						43,600						70.0% of LIBOR plus 0.95%						3.56		%				11/1/2030
345 East 94th Street - Series B			7,707						7,865						LIBOR plus 2.24%						3.56		%				11/1/2030
561 10th Avenue - Series A			114,500						114,500						70.0% of LIBOR plus 1.07%						3.85		%				11/1/2033
561 10th Avenue - Series B			17,025						17,415						LIBOR plus 2.45%						3.85		%				11/1/2033
Total mortgage debt			898,489						900,630
Senior unsecured notes:(4)
Series A			100,000						100,000						3.93		%				3.96		%				3/27/2025
Series B			125,000						125,000						4.09		%				4.12		%				3/27/2027
Series C			125,000						125,000						4.18		%				4.21		%				3/27/2030
Series D			115,000						115,000						4.08		%				4.11		%				1/22/2028
Series E			160,000						160,000						4.26		%				4.27		%				3/22/2030
Series F			175,000						175,000						4.44		%				4.45		%				3/22/2033
Series G			100,000						100,000						3.61		%				4.89		%				3/17/2032
Series H			75,000						75,000						3.73		%				5.00		%				3/17/2035
Unsecured term loan facility (4)			215,000						215,000						SOFR plus 1.20%						4.22		%				3/19/2025
Unsecured revolving credit facility (4)			—						—						SOFR plus 1.30%						—						3/31/2025
Unsecured term loan facility (4)			175,000						175,000						SOFR plus 1.50%						4.51		%				12/31/2026
Total principal			2,263,489						2,265,630
Deferred financing costs, net			(11,182)						(11,748)
Unamortized debt discount			(7,550)						(7,745)
Total			$	2,244,757					$	2,246,137

______________

(1)The effective rate is the yield as of March 31, 2023 and includes the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(2)Pre-payment is generally allowed for each loan upon payment of a customary pre-payment penalty.

(3)Represents a $164 million mortgage loan bearing interest at 4.09% and a $14.1 million loan bearing interest at 6.25%.

(4)At March 31, 2023, we were in compliance with all debt covenants.

Schedule of Aggregate Required Principal Payments

Aggregate required principal payments at March 31, 2023 are as follows (amounts in thousands):

Year			Amortization						Maturities						Total
2023			$	6,491					$	—					$	6,491
2024			8,861						77,675						86,536
2025			6,893						315,000						321,893
2026			7,330						225,000						232,330
2027			6,461						319,000						325,461
Thereafter			22,079						1,268,699						1,290,778
Total			$	58,115					$	2,205,374					$	2,263,489

Schedule of Deferred Costs, Net

Deferred costs, net, consisted of the following as of March 31, 2023 and December 31, 2022 (amounts in thousands):  

			March 31, 2023						December 31, 2022
Leasing costs			$	220,988					$	218,707
Acquired in-place lease value and deferred leasing costs			160,271						160,683
Acquired above-market leases			27,661						27,833
			408,920						407,223
Less: accumulated amortization			(229,493)						(223,246)
Total deferred costs, net, excluding net deferred financing costs			$	179,427					$	183,977

Deferred financing costs, net, consisted of the following at March 31, 2023 and December 31, 2022 (amounts in thousands):

						March 31, 2023						December 31, 2022
Financing costs						$	43,473					$	43,473
Less: accumulated amortization						(27,842)						(26,753)
Total deferred financing costs, net						$	15,631					$	16,720

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